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Q. What are the expenses of a condominium hotel?
Each owner of a room will receive a monthly invoice to cover a proportionate share of the costs of utilities, repairs and maintenance, sales and marketing, general administration, accounting, insurance, labor and other operating expenses of the hotel. In addition, each owner will receive a monthly assessment to cover common area expenses incurred for the property owned by the condominium association, and will be responsible for paying his/her own mortgage and real estate taxes. As part of the monthly charges assessed under the unit maintenance program, the hotel will establish (and collect) a reserve for future renovations to the public spaces of the hotel.